Simple Financial Tips for 2023

1. Set up a storage place for all of your Financial Documents
This sounds simple and obvious, but it’s amazing how many people do not keep track of their financial affairs. Set up a box, a file, a drawer, whatever works but keep all of the important documents in one place where it’s easy to find them.

2. Claim your Tax relief for Medical Expenses
You can now claim tax relief at 20% for the medical expenses you incurred in 2022. Again, this is something a lot of people tend to ignore. As above, set up a storage location for all medical receipts and bills so they are easy to find at year end. If you are really organized, you can upload to the receipts to https://www.revenue.ie/en/online-services/services/common/manage-your-receipts-with-receipts-tracker.aspx as you go.
If you don’t upload them you do need to keep the receipts on file for 6 years in case of an audit.

3. Review Your Pension
Speak to your Financial Adviser and set some retirement goals. Think about your previous employment… have you old pensions you can better manage or consolidate? Can you increase your pension contribution at the moment? Maybe you could release some funds if you are over 50. Set up a new scheme if you don’t have one! This is a complex area and it pays to get some advice. Many Financial Advisors will offer a pension review service with no obligation.

4. Review Your Life Cover, Income protection, Serious Illness Cover and Mortgage protection
Firstly, check what if any cover your employer provides. Is it enough? What would happen if you couldn’t work or died? Do you need more or supplementary cover? Has anything changed since you took out your existing policies? Have you stopped smoking? Is it worth looking at repricing your existing cover to see if you can get a better deal?

5. Start the Savings habit
It’s never too late to start and no amount is too small. Decide on an amount, organize a monthly Direct Debit and make a start. Consider an Equity based savings plan. Your Financial Adviser can give you savings plan options, no matter what your budget.

6. Update your Will or put one in place if you don’t have one already
We all need one, lots of us don’t have them. They are simple to put in place and 100% necessary to avoid months or years of a delay getting your finances or assets to those you love.

7. Review your Mortgage
There are lots of competitive rates and offers available in the marketplace at the moment. A review is well worth the effort and can potentially save you a lot of money!

8. Review your Health Insurance
Check what the add ons are on your current policy. You may be able to add travel insurance or even a contribution to club memberships. Remember to submit your receipts and claim refunds if they are due to you…. Again, keep your receipts and submit on time!!

9. Finally Remember to live in the Here and Now
Goals are important.
Plans are important.
But we have to enjoy the journey!
Make sure you set short term goals and reward yourself with whatever makes you happy.

Brian Trainor QFA CFP® B Sc is a Director of Wealthwise Financial Planning, Hartley Business Park, Carrick on Shannon, www.wealthwise.ie. Wealthwise Financial Ltd T/A Wealthwise Financial Planning is Regulated by the central Bank of Ireland. All details and views contained within this article are for informational purposes only and does not constitute advice. Wealthwise Financial Planning makes no representations as to the accuracy, completeness or suitability of any information and will not be liable for any errors, omissions or any losses arising from its use.